Assemblyman Munsu Kim Proposes 'Resident Participation Fund' for Shinan Hugwang Offshore Wind Power Project

Attention on 323MW Hugwang Offshore Wind Project
Calls for Establishment of a Public-Led Profit-Sharing Model

Munsu Kim, Member of the Jeonnam Gwangju Unified Special City Council (Democratic Party of Korea, Shinan District 1), has proposed the creation of a resident participation fund led by Jeonnam Development Corporation in order to enhance local acceptance of the Shinan Hugwang offshore wind power project and return the project's profits to the local community.

During an operations report by Jeonnam Development Corporation on July 20, Assemblyman Kim stressed the need to introduce a resident participation fund, stating, "A legal framework must be prepared so that the profits from publicly-led offshore wind power projects benefit local residents, not financial institutions."

The Shinan Hugwang Offshore Wind Power Project is a development with a total capacity of 323MW located 30 km west of Imjado Island, with an overall project cost of approximately KRW 3.1 trillion. Jeonnam Development Corporation is leading the initiative, aiming to expand renewable energy supply by linking it with the 3.7GW Shinan offshore wind power cluster. After the project received a generation business license in July last year, the preparation of a master plan and an environmental impact assessment are being carried out this year.

Munsu Kim, Member of the Jeonnam Gwangju Unified Metropolitan City Council.

Assemblyman Kim referred to the Shinan Ui Offshore Wind Power People’s Growth Fund, which the government recently decided to invest in, and stated, "The People’s Growth Fund is structured in a way that makes it difficult for local residents to participate in a meaningful way." He emphasized, "A resident participation fund led by the administration is a realistic measure that allows residents to directly share in the project's results."

He also asserted that the scope of resident participation should take into account the areas affected by the project.

He suggested, "If the fund is open to the entire population of the 3.2 million unified special city residents, the per capita benefits would decrease, which could hamper the effectiveness of enhancing acceptance. It would be more desirable to first offer participation opportunities to residents of cities and counties near the project site and, if necessary, gradually expand the scope of participation."

Assemblyman Kim further emphasized, "The original intent of publicly-led offshore wind power projects is to share investment returns with local residents instead of with financial institutions. Institutional measures such as a resident participation fund must be established so that the achievements of the offshore wind power project promoted by the unified special city can be returned to the community and its residents."

In response, Choongmo Jang, President of Jeonnam Development Corporation, replied that he would actively consider the proposal and prepare an implementation plan that enables local residents to truly feel the project's benefits.

This content was produced with the assistance of AI translation services.